The global biosensors market is predicted to witness vigorous growth in forthcoming years, according a report by Transparency Market Research (TMR). Currently, the global biosensors market is consolidated due to the involvement of few top organizations. Several emerging biopharmaceutical companies are expected to foresee great development in the field of biosensors monitoring devices. Leading companies in the global biosensors market are enforcing better product quality to sustain the growth in demand from various biosensor applications. Some of the leading companies in the global biosensors market are Abbott Point of Care, Inc., LifeScan, Inc., AgaMatrix, Inc., LifeSensors, Inc., Nova Biomedical Corporation, Medtronic, Inc., F. Hoffmann-La Roche Ltd., Animas Corporation, and Siemens Healthcare.
TMR’s report predicts that the global biosensors market is predicted to progress from US$12.4 bn in 2013 to US$21.6 bn by 2020, and is expected to rise at a healthy 8.10% CAGR over the forecast period.
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The segment of electrochemical biosensors represented a leading market share of more than 70% of the worldwide biosensors market in 2013. The segment is anticipated to keep up its dominant position over the forecast period 2014 to 2020. Factors that have contributed toward the large share electrochemical biosensors segment in the global biosensors market are the growing applications for the discovery and early determination of a few diseases, for instance, diabetes and tuberculosis. Furthermore, electrochemical biosensors have become extremely popular among the scientists because of appeal from the worldwide market for the determination of the substance of an organic example.
Regionally, North America hold a leading market for biosensors. Factors responsible for the development of the biosensors market in North America are presence of pharmaceutical innovative work units, growing ubiquity of perilous ailments and better reimbursement policies. Besides, innovative advancements in the field of therapeutic diagnostics and rising awareness among the global community are boosting the interest for biosensors in the region.
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Rising Demand for Point of Care Testing to Provide Rich Market Opportunity
Early and exact disease determination or diagnostics is basic for survival of the patient and fruitful anticipation of the disease. In the current years, the demand for dispensable, straightforward, cost-productive, and easy to understand equipment with quick reaction time has risen widely. Biosensors attributable to their capability to satisfy these criteria through an interdisciplinary blend of methodologies from restorative science, science, and nanotechnology have paved a way for the product swiftly in the therapeutic field.
Biosensors for estimating blood metabolites, for example, lactate, glucose, creatinine, and urea, utilizing both optical and electrochemical methods of transduction, are as a rule routinely utilized for the purpose of care testing, research centers, and for self-testing on account of glucose checking. Biosensors have applications in different segment in the health care industry.